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《大行報告》摩通降福萊特玻璃(06865.HK)評級至「中性」 目標價上調至40.5元
摩根大通發表研究報告指,內地上游光伏企業7月初至今累積升幅達16%,同期MSCI中國指數則跌13%,主要來自現時行業政策風險相對較低;預期明年乘用車市場需求強勁;以及市場開始憧憬隨著多晶硅供應樽頸放緩,明年市場將迎來復甦。 該行指,福萊特玻璃(06865.HK)6月底起已跑贏信義光能(00968.HK)約30%,相信差距如此大是由於未來兩年福萊特玻璃的產能增長較大,以及產能較新,可生產出尺寸更太及更薄的太陽能玻璃產品。 摩通表示,福萊特玻璃現價水平已升至2022年預測市盈率的30倍,高於信義光能的23倍,因此目前傾向選擇信義光能,並將福萊特玻璃的評級由「增持」降至「中性」。該行又指,福萊特玻璃早前宣布獲中證監核准增發最多7,600萬股H股,亦是降級原因之一。 摩通將福萊特玻璃2021至2023財年盈利預測調整約1%至11%,目標價由31.25元提升至40.5元,相信在碳中和長期發展下,市場仍願意支付溢價。
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